Judge OKs termination of deal to sell Atlantic City's ex-Revel casino to Florida developer

Associated Press

Another deal to sell Atlantic City's former Revel casino is dead.

A bankruptcy court judge on Thursday approved Revel AC's termination of a deal to sell the shuttered gambling resort to a Florida developer for $95.4 million.

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The sale was supposed to have been completed by Feb. 9.

Developer Glenn Straub says his Polo North Country Club was unable to meet the deadline due to lingering uncertainty over whether he would be forced to accept business tenants who operated at Revel if he re-opened it. Straub's $10 million deposit was ordered to be held in escrow.

The ruling marked the second time since November that a deal to sell Revel collapsed.

Toronto-based Brookfield Asset Management scrapped its planned $110 million purchase amid a dispute over debt from its power plant.